Young Broadcasting to launch $175 million credit facility on Monday

By Sara Rosenberg

New York, Nov. 4 - Young Broadcasting is set to hold a bank meeting on Monday afternoon to launch a proposed $175 million five-year senior secured credit facility, according to a market source.

Wells Fargo Securities LLC is the lead bank on the deal.

The facility consists of a $25 million revolver and a $150 million term loan A, the source said.

Proceeds will be used for general corporate purposes.

Total and senior leverage is around 3.1 times.

Young Broadcasting is a New York-based owner of television stations.

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